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Mallinckrodt to sell drug portflio for $171M

Piramal Enterprises Ltd. is acquiring a portfolio of intrathecal spasticity and pain management drugs from Mallinckrodt.

The company will pay $171 million for the assets, which include Gablofen and two pain management products under development.

Piramal will also pay another $32 million depending on the financial performance of the acquired assets.

Gablofen, a severe spasticity management product, is marketed in the U.S. and is approved for launch in eight European markets.

The transaction is subject to U.S. regulatory review and certain other closing conditions.